Operator: Thank you very much. Your next question is coming from John Dunn from Evercore ISI. John, your line is live.
John Dunn: Good morning. Thank you. Maybe continuing on the theme of money market roll-ups. Can you frame for us with the higher rates with closer to the plateau and maybe some more certainty around regulation. How do smaller players look at that environment, maybe the guys in the 10% to 25% range. Does it give more confidence of joining up with someone bigger or it doesn’t work that way, and it’s just more episodic?
Chris Donahue: It depends on how the money got in there and who controls the money at the moment of redemption. So there are 50, maybe 60 listed money market fund players. The top 25 have all the assets, the top 20 are the only ones who really compete for the big assets. And it all depends on how that fits into your regular business. So we have a sales force that goes around and calls on all the players in the money market fund business to, as Tom pointed out, be a warm and loving home should they decide to change their mind on doing this. And it’s episodic. There was no avalanche after the last go-round of SEC regulation. I don’t expect an avalanche out of this one. But periodically, CFOs, CEOs and managers decide that the time has come to what we’ve set to get out of it. And that’s what we’re looking for. So I don’t believe it will be a catalyst to an avalanche.
John Dunn: Got you. And then you talked about strategic value dividend. But outside of that, can you talk a little more about your other equity strategies that you think can see pickup in demand to kind of soak up some of those redemptions from SPD?
Chris Donahue: Well, the two MDT offerings have been very excellent. The large cap and the mid-cap growth of picking up both regular fund business and large institutional business and their growth is excellent. If you look at the International Leaders Fund, that’s another one that has excellent performance across the time frames and is a very good offering inside the retail distribution. If you go across the pond and you look at Asia, ex-Japan, this fund is outstanding in terms of its flows and performance. The GEMS product, the emerging markets fund is also – continues to win institutional mandates. I’m probably skipping some of my children whom I love dearly, but those are ones that pop up immediately.
John Dunn: Great. Thank you.
Operator: Thank you very much. Your next question is coming from Ken Worthington of JPMorgan. Ken, your line is live.
Ken Worthington: Hi. Good morning, and thanks for taking the questions. Chris, SEC filings suggest you sold a substantial portion of the stock that you owned during 2Q. Some digging suggests that some of this was done by a trust and others were just transfers to other vehicles controlled by your family. But the end result seems like your direct interest in Federated is substantially lower than it has been in the past. So maybe first, can you explain what appears to be selling during the quarter? How much stock do you directly own at this point? And is that enough to adequately align your interest with shareholders?
Chris Donahue: Well, as I just said, I love my children, too. And so there was no selling of the stock. There was transfers in trust that are controlled inside our family, meaning 8 kids, 6 spouses and 40 grandchildren. And as to my commitment to the enterprise, it goes way beyond the stock interest in terms of our family and my commitment in terms of what’s going on. I don’t know exactly how many shares I have right now. I could find that out and get back to you on that one. But the big bunch of shares are still owned and our – by the family and are still very, very much a role in adding incentive. But what I’m telling you is there’s plenty of incentive in this whole family to keep the ball rolling. Remember, not almost 20% of that stock is owned inside the Fort and counting the family enterprise.
